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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CREDIT PRE-MARKET
- Bunds closed 4-6bp wider near intraday cheapest levels as stronger-than-expected August flash PMIs in the Eurozone and the US weighed.
- Main/XO ended -0.3bp/flat at 53.4bp/293bp while €IG was -0.6bp (Corps -0.6bp, Fins -0.6bp) with Energy and short-dated IG spreads outperforming slightly while €HY was -5bp. Primary was closed. $IG was -1.4bp (Corps -1.4bp, Fins -1.4bp) with performance even in terms of sector/tenor while $HY was -6bp.
- SXXP ended +0.3% while SPX was -0.9% with the two now roughly in line MoM. €IG movers included Essity +6%, AIA Group +6%, Brambles +5%, Swiss RE +5%, Investec -5%.
- SX5E/SPX futures are flat/+0.3%. Yen regained some ground as BoJ Governor Ueda noted that the current policy rate is far below likely neutral rates. If the outlook unfolds as expected, more policy adjustments are likely. Earlier data showed Japan National CPI for July close to expectations. UST futures have been rangebound, having initially opened stronger but have largely pared those gains.
- Today the focus will be on J Powell speech at Jackson Hole at 10:00 ET.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 25/08/2024 | 1500/1700 |  | EU | ECB's Cipollone in panel at the Rimini Meeting | |
| 26/08/2024 | 0700/0900 | ** |  | ES | PPI |
| 26/08/2024 | 0800/1000 | *** |  | DE | IFO Business Climate Index |
| 26/08/2024 | 1230/0830 | ** |  | US | Durable Goods New Orders |
| 26/08/2024 | 1300/1500 | ** |  | BE | BNB Business Sentiment |
| 26/08/2024 | 1430/1030 | ** |  | US | Dallas Fed manufacturing survey |
| 26/08/2024 | 1530/1130 | * |  | US | US Treasury Auction Result for 26 Week Bill |
| 26/08/2024 | 1530/1130 | * |  | US | US Treasury Auction Result for 13 Week Bill |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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